Paga gets USD2m grant

VALUE ADDED SERVICES

|
Image: By BiztechAfrica
Paga gets USD2m grant

Nigerian financial services platform Paga has received a USD2 million grant to develop low cost financial products.

Paga, launched in 2009, enables users to transfer money via their mobile phones, internet devices, several banks, credit cards or a network of agents.

It has been awarded a USD2 million grant from EFInA, an independent, professional and non-profit organization funded by the Bill & Melinda Gates Foundation and the United Kingdom Department for International Development (DFID).

According to Modupe Ladipo, Executive Director and Managing Director for EFInA: “With over 59 million unbanked adults, finding new ways of reaching out to this market and bring low cost financial services is a major challenge we aim to address. By bringing low cost services to every neighbourhood, we believe we can help bring a large number of Nigerians out of poverty and improve living standards.

We have chosen Paga for this grant because of the robustness of their plans and strength of their team. We are confident that by working together we can achieve our mutual goal of universal access to financial services for Nigerians.”

Tayo Oviosu, CEO and Founder of Paga further states "Our team is very honoured to receive this grant from EFInA. As is core to our multi-stakeholder approach at Paga, we will be working with partners such as Diamond Bank, LAPO − Nigeria's largest Micro Finance Institution, ADIC and GT Assur to develop and deliver low cost financial services to all Nigerians at our agents.

The EFInA grant will fund our work in this area and the much needed public education required for success. Our goal is to bring financial services to over 40 million Nigerians by 2015 − with this grant our objectives will be even more achievable."



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE VALUE ADDED SERVICES NEWS

Azimo launches instant Vodafone M-Pesa transfers from Europe

Azimo, the online money transfer service, has announced that customers across Europe can now send money instantly to the mobile “eWallets” of M-PESA’s 19 million subscribers in Kenya. Read More

Airtel introduces free Twitter access

Until 15th January 2015, Airtel Kenya customers can enjoy free access to Twitter on their mobile devices. Read More

Tigo music platform set to boost Ghanaian artists

Tigo’s new music platform is set to boost artists and give music lovers real value for money. Read More

Apollo Hospitals, Airtel seal telemedicine deal

Two Indian giants, Apollo Hospitals and Airtel Nigeria, have struck a deal designed to bring affordable health care to Nigerians and Airtel’s Premier customers. Read More

Millicom partners Deezer to bring Tigo Music to 5 African markets

Telecoms and media firm Millicom has announced an extension of its partnership with music streaming service Deezer to take its Tigo Music service to five markets in Africa. Read More

Airtel Money offers KRA mobile tax payment services

Bharti Airtel has partnered with the Kenya Revenue Authority (KRA) to offer Kenyan citizens an opportunity to pay their taxes through Airtel Money. Read More

Embracing mCommerce

There’s a word on the lips of everyone in the know these days, and that word is “mCommerce”, says Red & Yellow. Read More

Airtel Money launches new partnership with MOGAS

Airtel Uganda and MOGAS have officially unveiled their new partnership that allows customers to pay for any MOGAS products and services using Airtel Money at their 38 stations across Uganda. Read More

Econet launches Connected Car service

Econet has launched yet another revolutionary product branded the Econet Connected Car. Read More

Tigo cash trains over 2,000 agents

As part of efforts to scale up mobile financial services, particularly in the informal sector, mobile network operator, Tigo is training over 2,000 agents in its award-winning mobile money service, Tigo Cash.  Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

Growing African focus on data securityGrowing African focus on data security

Beachhead Solutions’ new SA and Mauritius country manager explains the challenges and solutions around securing customer data and compliance with new personal information legislation.

IN DEPTH

Africa lags on digital migration Africa lags on digital migration

Only three African countries have so far completed the digital migration process, and serious issues are hampering the migration in other nations.  

COMPANY NEWS

Schneider Electric off-grid, on-profit solutions to create social change in African rural communitie

Schneider Electric South Africa has set itself a target to create access to energy for 20,000 Africans by the end of this year. 

SAP accelerates shift to the Cloud with 41% revenue growth in third quarter

SAP has once again raised its revenue outlook, reporting broad market adoption of SAP HANA and its ‘Run Simple’ strategy validated.